Key supply of diamonds caught up in Russia sanctions

On 14 March, CNN reported that global sanctions against Russia for its invasion of Ukraine are affecting the global supply of a precious commodity – the diamonds used in jewellery.  The ban directly targets Alrosa, which the US government identified as the world’s largest diamond mining company, responsible for 90% of Russia’s diamond mining capacity and accounting for 28%, or nearly a third, of global diamond output.  However, it is said it isn’t clear how US Customs will treat imports of polished diamonds that come from other countries but originated in Russia. A raw diamond can touch many countries as it goes from an uncut gem to a beguiling necklace or ring.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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